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Golf Galaxy Loss Beats Guidance
DECEMBER 20, 2005 --
Golf Galaxy Inc. posted a smaller-than-expected loss in the third quarter of fiscal 2006 as sales rose more than 56 percent.
The golf specialty retailer, which went public in July, had a net loss of $1.6 million, or 15 cents a share, in the third quarter. The company had forecast a loss of $1.8 million to $2.2 million for the quarter.
Golf Galaxy said it typically reports a loss in the third quarter, its slowest period due to seasonality. The company had a profit of $3.4 million, or 43 cents a share, in the same quarter last year, but that included a pre-tax gain of $8.4 million from the sale of the company's equity investment in Golf Town Canada Inc. stock.
Sales came in at $31.8 million in the third quarter of fiscal 2006, up from $20.3 million a year ago. Same-store sales climbed 6.7 percent for the period.
"We are very pleased with our results in the third quarter," Golf Galaxy President, CEO and Chairman Randy Zanatta said. "A slow start in September was more than offset by strong sales in October and November."
Looking ahead, Golf Galaxy (Nasdaq: GGXY) said it expects earnings of $4.6 million to $4.9 million on sales of $200 million to $202 million for full-year 2006. Same-store sales are expected to rise 6 percent to 8 percent for the year.
Golf Galaxy opened four new stores during its fiscal third quarter, including its first stores in the Denver, Omaha and Tulsa markets. The company also opened its third store in the Philadelphia market. Including the stores opened in the third quarter, Golf Galaxy has opened 15 new stores during the first nine months of fiscal 2006. As of Nov. 26, 2005, Golf Galaxy operated 49 stores in 23 states. The company said it plans to open one additional store during the current fiscal year, which ends Feb. 25, 2006.
Golf Galaxy plans to open 14 to 16 new stores during fiscal 2007.
"We expect to continue our expansion and believe Golf Galaxy is well positioned to grow market share in a highly fragmented market," said Zanatta.
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